7. Money Stock : Components and Sources - RBI

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7. Money Stock : Components and Sources

Date: November 21, 1998

														(Rs. crore)

		Outstanding			Variation over
		as on
	*Item*						Financial year so far
		1998			Fortnight		1997-98				1998-99			Year
		Mar. 31#	Oct. 23#		Amount	%	Amount		%		Amount		%	Amount	%

	1	2	3		4	5	6		7		8		9	10	11

M₃		8,25,389	9,15,074	@	6,306	0.7	57,518		8.2		89,685		10.9	1,55,708	20.5
Components (i+ii+iii+iv)
(i)	Currency with the Public	1,45,182	1,59,465		2,960	1.9	8,510		6.4		14,282		9.8	18,868	13.4
(ii)	Demand deposits with
	banks	1,18,435	1,15,669		6	-	-4,142		-3.9		-2,767		-2.3	14,477	14.3
(iii)	Time deposits with banks	5,58,167	6,36,375	@	3,298	0.5	52,750		11.4		78,208		78,208	1,22,391	23.8
(iv)	"Other" deposits with
	Reserve Bank	3,604	3,566		42		401				-38		-28
Sources (i+ii+iii+iv-v)
(i)	Net bank credit to
	Government (a+b)	3,30,619	3,70,781		-1,973	-0.5	26,337		9.1		40,162		12.1	55,825	17.7
	(a) Reserve Bank	1,35,160	1,48,870		2,700		-8,569				13,710			33,257
	(b) Other Banks	1,95,460	2,21,912		-4,673		34,906				26,452			22,567

(ii)	Bank credit to commercial
	sector (a+b)	4,32,190	4,46,996		2,715	0.6	9,176		2.4		14,806		3.4	61,512	16.0
	(a) Reserve Bank	8,186	8,228		11		1,361				43			620
	(b) Other Banks	4,24,004	4,38,768		2,704		7,815				14,764			60,892

(iii)	Net foreign exchange assets
	of banking sector	1,26,569	1,36,041		505	0.4	13,892		13.2		9,472		7.5	16,654	13.9
(iv)	Government's currency
	liabilities to the public	3,120	3,522		-		257				402			347
(v)	Banking sector's net non-
	monetary liabilities
	other than time deposits	67,110	42,267		-5,060		-7,857				-24,842			-21,370
	of which : Net non-monetary
	liabilities of R.B.I.	43,219	57,440		-62		-1,596				14,221			23,852

@ :	Includes Rs. 17,945 crore on account of proceeds from Resurgent India Bonds (RIBs). Excluding these proceeds, the year-on-year M3 growth rate in column 11 would work out to be 18.1 per cent.

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